South Korea and Malaysia on Sunday signed a currency swap agreement worth $4.7 billion, Seoulís central bank said, in a move to encourage bilateral trade and help curb currency swings.
The latest agreement allows the two Asian nations to purchase and repurchase each otherís currency of up to 5 trillion won ($4.7 billion), or 15 billion ringgit, the central Bank of Korea said in a statement. The dealóvalid for three years and renewable upon agreementówill allow greater flexibility for businesses to use local currencies for trades that have been commonly settled in US dollars, the two countriesí central banks said in a joint statement...............................................Full Article: Source